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Bombay High Court Allows Appeal in Income Tax Derivative Loss Set-off Case. Loss from derivatives trading on recognized stock exchange held not speculative under Section 43(5)(d) of Income Tax Act, 1961, and can be set off against other business income under Section 70.

The appellant, Souvenir Developers (I) Pvt. Ltd., is a domestic company deriving income from toll collection business and also trading in shares and d...

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Bombay High Court Upholds Interim Injunction in Shareholder Dispute Over Share Transfer Agreement — Agreement dated 14th June 2019 Held Valid and Enforceable.

The dispute arises out of a Share Purchase Agreement dated 14th June 2019 between the Kamdar Group (appellants) and the Sanghvi Group (respondents) fo...

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Bombay High Court Allows Appeal Under Section 37 of Arbitration Act, Restores Arbitral Award — Holds That Single Judge Erred in Setting Aside Award on Grounds of Patent Illegality and Public Policy. The Court Reinstated the Arbitral Tribunal's Findings on Oral Agreement and Quantum of Damages.

The appellant, Ratnam Sudesh Iyer, filed an appeal under Section 37 of the Arbitration and Conciliation Act, 1996 against the judgment of a learned Si...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — No Substantial Question of Law Arises. Deduction under Section 48(1) and Section 54EC of Income Tax Act, 1961 upheld as payments to sisters and nieces were for clearing overriding title and investment in REC bonds was within time.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT...

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Bombay High Court Dismisses Port Trust's Challenge to Arbitrator's Jurisdiction Ruling in Concession Agreement Dispute. Arbitration Clause Not Binding on Consortium Members as They Were Not Signatories to the Concession Agreement.

The petitioner, the Board of Trustees of the Jawaharlal Nehru Port Trust, a major port constituted under the Major Port Trusts Act, 1963, issued a glo...

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Bombay High Court Dismisses Second Appeals in Property Dispute, Upholds Concurrent Findings of Fact. Court holds that no substantial question of law arises under Section 100 CPC when findings are based on appreciation of evidence and not perverse.

The case involves two second appeals arising from a property dispute between the legal heirs of Madhavrao Ramchandra More (appellants in SA/66/2003 an...

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Bombay High Court Dismisses Ex-Wife's Appeal for Share in Husband's Properties in Family Property Dispute. Wife failed to prove financial contribution or common intention for joint ownership under Hindu Marriage Act, 1955.

The appellant, Ms. Adhyaatmam Bhamini, filed an appeal against the judgment dated 24th January 2003 of the Family Court, Mumbai, which dismissed her p...

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Bombay High Court Allows Second Appeal in Partition Suit, Remands Case for Fresh Consideration. Lower Appellate Court Failed to Consider Will and Adverse Possession Issues Raised by Defendants.

The case involves a second appeal filed by the original defendants (appellants) against a judgment of the lower appellate court in a partition suit. T...